Shoppers Stop: Rajiv Suri to become the new Shoppers Stop CEO
NEW DELHI: Shoppers Stop is hiring
Rajiv Suri, head of Dubai-based Majid Al Futtaim Fashion, as new chief
executive, according to two people aware of the development.The post had
been lying vacant since January, when Salil Nair had put in his papers.
A
Shoppers Stop spokesperson declined to comment on the matter. Suri could not be
reached for comment. Suri will take charge at a time when losses are widening
at Shoppers Stop amid competition, especially from ecommerce giants Flipkart andAmazon. Shoppers
Stop reported consolidated loss of Rs 18.5 crore for the September 2017
quarter, widening from the Rs 8.78-crore loss it had reported in the year ago
period.
The
BSE-listed retailer’s standalone loss for this quarter was Rs 21.8 crore.
Canadian national Suri has been CEO of Majid Al Futtaim Fashion for about four
years and sits on boards of various Middle East ventures, including Monsoon Accessorize
and Abercrombie & Fitch, according to his profile on LinkedIn. Last month,
Kishore Biyaniled Future Retail said it will acquire HyperCity from Shoppers
Stop for Rs 655 crore in a cash-and-stock deal.
Source: Et.retail.com,India
Thursday, 23 November 2017